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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CITY M. L. McCLURE, Chairmen and Federal Reserve Agent A. M . McADAMS, Assistant Federal Reserve Agent and Secretary Vol. II T KANSAS C1TY Mo., JuNE 1, 1926 No. 6 HE usual seasonal activity in industry and trade in production was 2.9.6 per cent larger than in April, 192.5. the Tenth District was checked in early April by abTrade reports reflected the unfavorable influence of the normally cold weather for that time of the year, but backward season. Distribution of merchandise by wholesalers rising temperatures late in the month caused a rebound and at in all branches, except that of groceries, was in smaller volume the opening of May much of the lost momentum had been in April than in March and also smaller than in April a year recovered. Although it was evident some lines were lagging, ago. Conservative buying of stocks by retailers continued. the volume of business as a whole was heavy and closely paral- In retail lines April sales at reporting department stores exleled the levels of a year ago. ceeded those for March by 2..4 per cent, but fell below sales The amount of money checked out of banks by customers in in April 1925 by 1.8 per cent. Distribution of farm implecities of thi district, covering tr?nsactions of every nature and ments was much larger than last year, and reports indicated kind, was smaller by 1.9 per cent during a five week period end- farmers were buying more implements, farm machinery and ing May 5 than that reported for the preceding five-week period equipment than for several seasons past. Building activity slackened in April, as evidenced by a ending March 31, but it was larger by 3.4 per cent than that reported for the corresponding five weeks last year, ending decrease in the number and value of permits issued in 18 reMay 6. A marked improvement in the agricultural situation in STATI~TICAL RECORD, TENTH FEDERAL RESERVE DISTRICT this district was shown by the May l crop reports of the United April March April Pct. Chg. 1926 1925 1926 States and state departments of agriculture. All reports were Year in agreement that farm work was one to three weeks Bank debits, 3° cities .... '$ 1,498,22 9,000 '/,J,5 27,9 22,000 'l,r,449,42.4,ooo 3.4 F. R. Bank Clearings .... '/, 901,17.3,000 'l,1,019,110,000 'I, 853,512,000 5.3 behind schedule time for the season, but conditions were favorNumber of items........ 5,770,268 6,265,324 5,633,189 2. 4 able for a better-than-average year of farm production- Loans, 67 banks.......·-····'I, 420,177,000 'I, 431,709,000 'I, 428A84,000 -1.9 with a winter wheat forecast for the district of 270,892,000 Investments, 67 banks.. $ 193,599,000 $ 192,6 22 ,000 '$ 169,248,000 14.4 2•4 bushels as against l 50,185,000 bushels harvested last year. Deposits, 67 banks........ $ 62 7,12.o,ooo t, 642,420,000 t, 612A 10,000 Business failures.............. 135 84 96 40.6 All classes of live stock were in good to excellent condition, and Liabilities .................... $ 1,861,132 t, 1,21 4,509 'I, 1,096,191 70.0 good crops of calves, Jambs and pigs were reported. Bldg. permits, 18 cities.. 2,899 3,277 3,750 -22.7 Summer pastures were filling up with cattle from the SouthE stimated value.......... $ 9,6o8,779 '$ 10,o96,xo7 $ 13,x48,7o2 -26.9 Jl fi • d l Grain receipts, 5 markets: west range country, and, due to unusua y ne winter an ear y Wheat, bus ............... . 2,203,100 58.1 4,540,250 JA83,850 spring pasturage, some Texas grass-fat cattle were shipped Corn, bus ..................... 66-4 1,884,750 4,969,65° 3,1 35,95° 1,167,300 1,598,000 -55.o direct to the markets and sold for slaughter. Oats, bus ..................... 71 9,6oo 1 ,7 2 5,987 1,511,665 1,596,380 5.6 In food production lines, the April output of flour fell below Flour produced, bbls ..... 20,265,000 20,364,000 19,568,000 • . Th Crude oil produced, bbls -3.9 that for Marc h b ut was larger t h an m April last year. e c oa1 produced, tons ...... 1,687,000 (2,312,000 29.6 2,187,000 slaughter of meat animals of all classes was in smaller Ores shipped, 3 states: 65,619 59, 1 71 57,3 i 7 numbers than in the previous month or a year ago because of Zinc, tons ....... ·-·········· 3,067,922 '/, r2,s44,222 .,, t-2,813,138 a reduction in the market supply of live stock. Zinc, value.................. '/, 10,120 8,782 9,339 In mineral production, the output of crude oil was maintained ~oa~:·~·············-···'/, 880,120 839,933 '/, [1,045,370 .,, at a high daily average during April, in spite of the periods Live stock receipts, 6 of cold weather, but gross production fell slightly below that markets: 406,255 343,349 393,397 for the preceding month and a year ago. Development operaCattle_ ........................ 60,731 57,723 44,5 29 tions increased perceptibly and the dai]y new production from ~~~t.-.·.·.·.·_-_-_-_-_-_-:::::::::::::: 776,220 679,300 652,397 completed wells was the Jargest since September, 1924. The Sheep........................... . 568,452 615,399 774,009 4,080 II,055 open season for motoring brought a larger demand for gasaHorses and mules ...... line, and there was also a good demand for kerosene, enabling Meat packing, 6 centers: 2 2 2 refiners to effect material reductions in their stocks. The posi~:~~:~:.~.·:_-:_-:_-:.-.·.·.·.:::::::::: ~~j~~ :~:;~~ tion of the zinc and lead industry was Jess favorable than Hogs............................ 455,153 538,090 498,845 -8.8 for several months, due to declines in ore prices, and there was Sheep .. _ _ _ _ _ 348,148 459,051 36o,030 -3.3 some curtailment of mining operations. Activity in metal NOTE: Bank debits are for 5-week periods; Loans, investments and!,deposits are amounts reported by a selected list of Member Banks as of May 5 and · . l mining in Colorado continued to Show an increase over aS t year. March 31, this year, and May 6 last year; Ore shipments and their value are Coal mining was at a high percentap-e of full time activity and for four weeks. This Copy Released For Publication In Morning Newspapers May 29. t:t ~~:~!l -=;i:~ 2 THE MONTHLY REVIEW porting c1t1es, although the value of building contracts awarded in April was larger than in the previous month or a year ago. Sales of lumber and materials declined during the month as all lines were affected unfavorably by the weather conditions, as well as by the slackening in the building program. Banking and Credit Money rates continued low, and there was but little change in recent weeks in the demand for loans at banks in this district. The amount of loans outstanding on the first reporting date in May at 67 reporting banks in this district, members of the Federal Reserve Bank of Kansas City, was 2.7 per cent less than five weeks earlier, and 1.9 per cent less than a year earlier. On the other hand investments of the reporting banks in Government securities and other stocks and bonds continued at the highest level of record. The May 5 total was larger by 0.5 per cent than that of March 31 and larger by 14.4 per cent than that of May 6, 1925. All classes of deposits at the first reporting date in May reflected decreases during the five weeks, due to withdrawals of money to meet the seasonal expansion of farm activity, and for commercial uses. The statement as of May 5 show~d small increases in member banks' reserve balances and large increases in bills payable and rediscounts with the Federal Reserve Bank. The principal resource and liability items of these reporting member banks are herewith presented for May 5 with comparisons: May 5, 1926 M ar. 31, 1926 May 6, 1925 *67 Banks 69 Banks 71 Banks Loans and Discounts ........................ $420,177,ooo $431,709,000 $428,484,000 169,248,000 Investments ............· - - - -········· 193,599,000 192,622,000 Loans, Discounts & Investments .... 613,776,000 624,331,000 597,73 2,000 Demand Deposits .............................. 472,713,000 481,928,000 469,206,000 138,614,000 Time Deposits....................... ·-·········· 146,433,000 I 50,396,000 Government Deposits...................... 7,974,000 10,096,000 4,590,000 Total Deposits ................ _ _ _ _ 627,120,000 642,420,000 612,410,000 Reserve Balance................................ 53,814,000 52,342,000 53,444,000 Bills Payable and Rediscounts with Federal Reserve Bank ........ I'l,303,000 6,640,000 3,174,000 •Decrease in number of banks was due to consolidations of reporting banks. The condition statement of the Federal Reserve Bank of Kansas City and branches as of May 5 showed the total of bills rediscounted for member banks was larger and of bills purchased smaller than on March 31, and also on May 6 last year. The amount of Government securities held was larger and the aggregate of all bills and securities was 15 per cent larger than five weeks earlier and 50.1 per cent larger than one year earlier. The changes in these and other principal items are indicated by a comparison of the figures appearing in the statement of the Federal Reserve Bank of Kansas City as of May 5 with those of the other dates mentioned: May 5, 1926 Mar. 31, 1926 May 6, 1925 Gold Reserves .................................... $ 80,388,707 $ 86,645,31 l $105,422,579 Total Reserves.. ................................ 85,385,363 108,998,146 91,629,999 Bills Discounted................................ 21,150,607 14,081,133 8,163,749 Hills Purchased.................................. 9,510,384 12,073,580 10,240,231 . S. Government Securities .......... 37,433,800 32,962,800 26,464,300 Total Bills and Securities................ 68,387,291 45,538,280 59,449,01 3 Total Resources .... ............................ 201,774,696 197,230,622 198,261,633 F. R. otes in Circulation.............. 62,292,850 64,109.040 63,099,900 Total Deposits.................................. 89,005,043 88,330,291 88,097,415 Reserve Ratio.................................... 56.4 % 6o.5% 71.6% Bank De its D ebit by banks of checks against ind ividual accounts in th.irty cities of the Tenth District aggregated $1,498,229,000 for a five-week period ending ay 5. This total is compared with 1,527,922,000 for the previous five-week period ending March 31, and $1,449,424,000 for the five-week period last year, ending ay 6. The decrease from the previous period was $29,693,000 or 1.9 per cent, while the increase over that of last year was $48,805,000 or 3.4 per cent. Debits reported by clearing houses for their members in these thirty cities totaled $5,465,092,000 for the first eighteen weeks of 1926, as against $5,342,198,000 for the first eighteen weeks of 1925, an increase of 122,894,000 or 2.3 per cent for the current year to May 5. In the table which follows, showing debits or payments by check for the five-week periods in 1926 and 1925, the city of Albuquerque, N. M., transferred to the Tenth District in April, appears for the first time: Five Weeks Ending Per Cent Change May 6, 1925 May 5, 1926 Albuquerque, N. M ......·-----$ u,637,000 Atchison, Kans ..........-....................... 7,047,000 Bartlesville, Okla ...... ~ - - - - 24,773,000 Casper, Wyo ......... _ _ _ _ _ 11,092,000 Cheyenne, Wyo.····-····-··················7,088,000 Colorado Springs, Colo..................... 16,111,000 Denver, Colo....................................... 204,470,000 Enid, Okla ............. - - - - - 14,635,000 Fremont, Nebr............ _ _ _ _ _ 4,514,000 Grand Junction, Colo....................... 3,762,000 Guthrie, Okla ............. _ _ _ 3,888,000 Hutchinson, Kans.................... _....... I'l,063,000 · Independence, Kans ...... ·-·············-· 10,825,000 Joplin, Mo........................................... 22,912,000 Kansas City, Kans............................. 23,343,000 Kansas City, Mo............................... 408,158,000 Lawrence, Kans................................. 5,683,000 Lincoln, ebr..................................... 41,215,000 McAlester, Okla ......... _ _ _ _ _ 4,655,000 Muskogee, Okla................................. 13,156,000 Oklahoma City, Okla......................... 102,549,000 Okmulgee, Okla ............... _ _ _ 14,871,000 Omaha, Nebr..................................... 222,732,000 Parsons, Kans..................................... 3,553,000 Pittsburg, Kans... .............................. 7,on,000 Pueblo, Colo....................................... 20,692,000 St. Joseph, Mo .................. _............... 64,861,000 Topeka, Kans................................... 21,207,000 Tulsa, Okla ............ _ _ _ _ _ _ 139,847,000 Wichita, Kans..................................... 49,879,000 Total Five Weeks .............................. $1,498,229,ooo Total Eighteen Weeks ...................... $5,465,092,ooo $ 10,555,000 7,023,000 14,672,000 15,010,000 7,456,000 15,347,000 205,278,000 14,845,000 4,138,000 3,582,000 3,415,000 13,3u,ooo I'l,053,000 19,081,000 22,528,000 408,169,000 6,014,000 36,627,000 4,452,000 13,575,'f'O 95,706,000 13,649,000 222,791,000 3,473,000 6,518,000 24,665,000 64,175,000 19,527,000 u5,534,ooo 46,255,000 $1,449,424,000 '/,5,342,198,000 10.3 0.3 68.8 ~6.1 -4.9 5.0 -0.4 -1.4 9.1 5.0 13.8 ~·4 -10.2 20.1 3.6 -0.003 -5.5 12.5 4.6 -3.1 7.1 9.0 -0.03 2.3 7.6 -16.1 1.7 8.6 21.0 ~ 3.4 2.3 Clearings at the Federal Reserve Bank During the month of April 5,770,268 checks for an aggregate of '$901,173,000 were collected through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver and Oklahoma City. The month's totals fell below those for March by 7.9 ,Per cent in number of items handled and 11.6 per cent in amount. Compared with the record for April, 1925, there was an increase of 2.4 per cent in items and an increase of 5.3 per cent in amount. Federal Reserve Bank clearings for the first four months of 1926 are here compared with those for the same period last year: January................ February .............. March .................... April... ................... Items Handled 1926 1925 5,689,267 5,448,539 5,308,263 5,16o,840 6,265,324 5,896,323 5,770,268 5,633,189 Amount 1926 '/, 93 2,787,000 $ 809,969,000 1,019,no,ooo 901,173,000 1925 910,543,000 791,058,000 962,476,000 853,512,000 Four Months ........23,033,122 · Business Failures Insolvencies in this district reported for the month of April wer'e 135 in number, against 84 in March and 96 in April last year. iabilities involved in the month's failures amounted to 1,861,132 as compared to $1,214,509 for the previous month and 1,096,191 for the corresponding month last year. A compilation of business failures in this district for the • four months of 1926 shows 453 failures and '$5,127,779 of • liabilities, against 418 failures and '$5,650,738 of liabilities for THE MONTHLY REVIEW 3 WHOLESALE TRADE IN THE TENTH FEDERAL ,R ESERVE DISTRICT Sales Apr. 1926 compared with Mar. 1926 Apr. 1925 -17.0 -10.0 Reporting Stores Dry Goods .....· - - - - - 7 Groceries ................................7 Hardware.... _ _ _ _ _ _ 8 Furniture ................................ 5 Drugs ............ _ _ _ _ _ 8 3.3 -13.5 5.0 -13.2 -19.3 -4.8 -20.7 ~-8 Outstandings (Mo. End) Apr. 30, 1926 compared with Mar. 31, 1926 Apr. 30, 1925 -'7.0 -0.I 3.1 10.7 -o.8 -3.2 I.I -2.0 -2.1 3.2 the like period last year. These figures show an increase for this year to May 1 of 35 failures but a decrease of '1,522,969 or 9.2 per cent in the amount of liabilities. Business failures in the United States, compiled by R. G. Dun & Company by Federal Reserve Districts, are shown for April 1926 and 1925 in the following: Number 1926 1925 First, Boston.................................. 223 229 386 Second, ew York.......................... 404 96 Third, Philadelphia........................ 55 165 Fourth, Cleveland.......................... 200 Fifth, Richmond............................ 134 109 87 Sixth, Atlanta................................ 54 307 Seventh, Chicago ............................ 275 Eighth, St. Louis.......... _ ___ 84 81 75 Ninth, Minneapolis........................ 82 TENTH, KANSAS CITY............ 135 96 59 Eleventh, Dallas............................ 66 Twelfth, San Francisco.................. 245 249 Total.. .............................................. 1,957 Liabilities 1926 1925 '/, 3,778,9 15 $ 4,995,937 10,733,680 12,377,626 2,831,463 1,605,999 3,306,131 2,604,395 3,320,683 2,079,733 451,677 98 1,798 5,767,251 6,234,526 1,656,577 1,694,044 846,6o1 678,977 1,861,132 1,096,191 716,438 792,u3 3,216,773 2,047,283 1,939 Savings in Banks Deposits to savings accounts in a selected list of banks in cities of this district decreased in April and the total for 57 banks on May 1 was 1.9 per cent below that for April 1 and 0.4 per cent above that for May 1, 1925. The number of savings accounts in 53 banks decreased 0.2 per cent during the month, but showed an increase of 2.6 per cent over May 1, 1925. The summary of the reports follows: Banks May 1, 1926 Denver, Colo ........................... 7 f, 51,165,897 Kansas City, Kans................. 4 2,859,341 15,551,745 Kansas City, Mo ..................... 10 Lincoln, Nebr........................... 3 3,008,904 Oklahoma City, Okla ............. 7 8,313,037 Omaha, Nebr........................... 6 7,498,930 8,448,689 St. Joseph, Mo......................... 6 n,325,960 Tulsa, Okla ..... - - - -····· 5 4,736,735 Wichita, Kans ......................... 6 995,190 Other Cities ...... - - - - - 3 Total.. .................................. 57 '/,113,904,428 Apr. 1, 1926 1, 54, 11 9,94° 2,883,736 15,412,981 2,927,812 7,940,7 27 7,583,385 8,379,091 11,066,736 4,762,924 1,005,736 '/,116,083,068 May 1, 1925 1, 54,5°9, 10 5 2,907,736 14,632,338 2,851,301 9,973,4o4 7,409,048 9,552,8 24 7,129,648 3,437,02 6 995,794 $113,398,224 Collections Apr. 1926 compared with Mar. 1926 Apr. 1925 3.1 -0.5 0.2 2.I 5.6 -8.o II.9 -3.0 --.25 -0.4 Stocks (Mo. End) Apr. 30, 1926 compared with Mar. 31, 1926 Apr. 30, 1925 -2.0 -3.3 -1.9 4·9 6.9 12.5 7.0 -1.2 -3.4 -0.9 Trade The April reports of wholesalers at distributing centers of this district showed heavy declines for the month in the money volume of sales in all reporting lines, except groceries, as compared with the record for March of this year and April of last year. The aggregate of April sales for five lines reported was 12.1 per cent below that for the preceding month and 8.4 per cent below that for the corresponding month in 1925. The reports indicated stocks at retail stores were smaller than usual for this time of the year, and that retailers as a rule continued to pursue the policy of conservative or leisurely buying, notwithstanding supplies of merchandise in the hands of wholesalers and manufacturers are large, d_eliveries prompt and price movements in many lines slightly downward. Wholesalers of dry goods reported _prices of staple cotton goods had been reduced dbout 5 per cent during April. The increase in sales of groceries at wholesale establishments was attributed mainly to the seasonal expansion of out-door employment, particularly on the farms. Wholesalers of hardware indicated by their reports prices were inclined downward changed but slightly. The wholesale drug situation slightly during the month. Prices were firm but a slight indication of weakness was reported. It was apparent that many retailers were balancing their stocks, as recent orders were more diversified and not confined to seasonable goods. The wholesale furniture trade was in fair volume for the month and season, but it was considerably below that for the corresponding month last year. The farm implement business, which had been very heavy during the earlier months, was affected by weather conditions , during April, although the volume of distribution in all branches of this trade fo'r the year to May 1 was larger than in the same period last year. Deliveries of harvest machinery and threshers were reported as 20 per cent ahead oflast year. In some sections where wheat was damaged by dry soil and high winds business in this branch was light. Retail trade suffered a severe set-back in the forepart of April, from which recovery in the remainder of the month was slow. The volume of sales at 39 department stores in leading cities in April, reported in dollar values, was larger than that RETAIL TRADE AT 39 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT Stores Reporting Kansas City 3 Denver ........ 5 Wichita........ 3 Omaha ........ 'l Okla. City _ 3 Lincoln ...... _ 3 Tulsa............ 3 Other Cities 17 Accounts Receivable Stocks (Retail) Outstanding Orders Sales April 30, 1926 April 30, 1926 April, 1926 April 30, 1926 compared to compared to compared to compared to Mar. 31, 1926 Apr. 30, 1925 Mar. 31, 1926 Apr. 30, 1925 Mar. 31, 1926 Apr. 30, 1925 April 1925 -8.4 -0.4 5.9 4.4 -3.4 -0.5 -3.9 3.6 o.8 2,I -15.0 -0.l 9.2 -4.4 0.9 8.4 Same --2.0 4.2 -2.3 14.8 --28.0 -46.0 --2.0 --2.3 19.8 5.2 -1.8 20.0 --2.2 0.5 4.1 -3.9 -34.3 --2.2 19.1 Same 14.2 -1.5 9.5 I.2 0.3 3.7 -5.6 -0.3 Collections April, 1926 compared to March 1926 April 1925 -0.2 -I.I 1 •7 -0.5 5.0 8.4 1.4 -'7•4 II.I --2.0 5.0 46.5 -4.0 o.6 -1.8 -0.7 5.5 --6.3 ~-2 2 .2 4.0 0.3 3.7 Total.._ ........39 NOTE: Percentage of collections in April on oustanding accounts March 31, all stores reporting, 42.5%. Collections same month last year 44.1%. 4 THE MONTHLY REVIEW :===============:::::~~=~~~============== in March by 2.4 per: cent and smaller than that in April, 1925, by 1.8 per...cent. Fifteen stores·,~reported: increases and twentyfour stores rep~rted decreases in their sales as compared with the corresponding month last year. During the first four months of 1926 department store sales were 0.9 per cent larger than in the like period last year. Sales of men's and women's apparel, and shoes, at stores handling these special lines averaged 7 per cent less than in April last year, and for the four months of this year the volume of their business was slightly less than for the first four months of 1925. The retail furniture trade fell off in April and sales for the month were 2 per cent smaller than in March and about 12 per cent less than in April 1925.: Reports of wholesale firms indicated collection!> during April were f ~irly satisfactory. At department stores in cities the percentage of collections Juring April on outstandings was 42.5 per cent, which compares with 42.7 per cent in March and 44.1 per cent in April last year. Collections at special line stores were not quite up to the figure reported a year ago. In the implement trade collections were generally good, while the reports from retail lumber yards indicated the percentage of collections on amounts' outstanding was approximately the same' as a year ago. Building A marked decline in construction was reflected by the April reports from eighteen cities of this district, due in part to unfavorable weather conditions and in part to the recession in building in some of the larger cities which had been reflected in their month-by-month reports this year. There usually is an expansion in building operations in April, but for the first time since 1921 permits issued in the eighteen reporting cities in April fe11 short of the March record in both number and value. Only five of the eighteen cities reported increases for the month over April of last year. The record for the four months of 1926 show~d a deer.ease of 26.1 per cent over the like period in 1925 and a decrease of 2.3 per cent over the like period in 1924. The April record follows: Permits 1926 1925 22 22 Casper, Wyo....·····-····Cheyenne, Wyo•............_ 38 32 Colorado Springs, Colo. IOI 83 Denver, Colo 877 725 Hutchinson, Kans.......__ 49 35 Joplin, Missouri..- - ······- 52 70 220 Kansas City, Kans·- -···· 167 Kansas City, Mo._ .. ___ 424 708 199 Lincoln, Nebr•...·-····--- 130 Muskogee, Okla•........ - .. 25 49 Oklahoma City, Okla..... 179 195 Okmulgee, Okla•............ I I II 228 Omaha, Nebr. 368 171 Pueblo, Colo.--··---···- 107 56 St. Joseph, Mo... --- --·· 49 151 Topeka, Kans,-----······ 142 283 Tulsa, Okla·-- - - ············ 215 220 Wichita, Kansas....·-··-·· 235 Estimated Cost Per Cent Change 1926 1925 f, 8,431 '$ 19,770 - 57-4 52,785 59,3 25 - I I ,O 123,312 78,o95 57.9 2,553,400 - 40.9 1,509,700 01 1 71.8 57, 5 33, 95 80,880 66.6 134,725 350,410 883,245 -6o.3 3,342,170 -22.2 2,599,750 629,571 -17.8 517,357 312,452 - 89.4 33,255 586,164 709,306 -17.4 32,500 37, 195 -12.6 2,084,885 2,336,443 -10.8 109,892 278,450 -6o.5 30.1 58,145 44,705 -2.4 359,560 368,497 1,002,312 - 49.l 509,695 481 ,198 26.7 379,691 Apri 2,899 March_··--······················3,277 Four Months.....·-····-····9,729 f, 9,608,779 3,750 4, 257 12,484 10,096,107 30,765,271 $13,148,702 12,618,889 41,668,233 -26.9 - 19.9 -26.1 According to the F. W. Dodge Corporation's reports the value of building contracts awarded in the Tenth District in April exceeded the value of contracts awarded in March and also exceeded those awarded in April last year. The record for the four months of 1926 also showed an increase, amounting to 18.5 per cent, in the value of contracts over the first four months of last year. The figures on value of contracts awarded follow: 1926 April........ - - - - -- ------i14,074,ooo Four Months .. _ _ _ _ _ _ _ __ __ 50,653,oooJ-f 1925 '$13,440,000 42,713,000 Building contracts awarded in 37 states during April totaled $570,613,600, against '/,567,567,000 in April, 1925. Lumber and Materials April sales of lumber in board feet at 290 retail yards in this district increased 1.5 per cent over those in March, but showed a decrease or 8.4 per cent from those in April last year. Lumber stocks at the end of April were slightly larger than a month earlier and 6 per cent smaller than a year ago. Sales of all materials at these reporting yards during Apt il, in dollars, were less than 1 per cent below those :or the previous month and a year ago. The April volume: of sales of lumber, sales of all materials, of stocks on hand at the end of the month, and of outstandings and collections, is here shown in percentage of increase or decrease over ~arch 1926 and April 1925: April 1926 compared to March 1926 April 1925 Sales:of lumber in board;feet- ········- - - - 1.5 -8.4 Stocks, board feet end of month.. _ _ _ _ _ 1.3 -6.o All material sales, in dollars.. ____ _ _ _ _ -o,8 -0.9 Outstandings, end of month...·-········-··-············ 9.6 2.9 2.1 2.7 Collections during month.... _ __ __ _ The lumber movement in the United States, softwoods, as reported by all associations to the National Lumber Manufacturers Association, is here shown for four weeks ending M!1,y 1 and for seventeen weeks of 1926: .. .s1 Four Wks. Feet Cut.·--····- - - -- - - - - · ···············I,225,455,68 5 Shipment,.___ _ __ _ _ _ __ _ _ 1,240,864,310 Orders .....·- - - - - - - --················1,164,533,371 At the close of the week ending May l Seventeen Wks. Feet 4,383,062,341 4,6u,062,718 4,613,566,087 production was about 4 per cent above normal and about even with orders, while shipments were about 12 per cent above normal, ac<:ording to National Lumber Trade Barometer. R eports of operations at mills in this district during April reflected decreases in production, shipmen ts and stocks of Portland Cement as compared with April, 1925. The figures, in barrels, follow: April, 1926 Production __ _ __ _ _ _ _ _ x,073,000 Shipments...·-···· _ _ _ _ _ __ 1,100,000 Stocks, end of month..., _ __ _ _ 1,666,000 March, 1926 982,000 932,000 1,693,000 April, 1925 1,287,000 1,246,000 1,908,000 Production of face brick at 67 plants in 18 states averaged 752 thousand per plant durning April and the month's total exceeded that for March by 16.5 per cent. Compared with the record for April 1925 there was a decrease of 3.22 per cent. Shipments for the month were 27.07 per cent larger than in March and 11.53 per cent smaller than April, 1825. Employmen t The latter part of April witnessed an expansion of employmerit in this district, with the result that the labor supply and demand were about evenly balanced. Public improvements in cities and towns, and highway construction, were drawing heavily upon the common-labor supply. There was a brisk demand for competent farm help, and in addition large forces are to be needed for the wheat harvest, to start early in June in southern parts of the district. Seasor1al gains in employment · were reported in a number of industries, but forces at meat packing plants were reduced. Building tradesll]en generally were working foll time with construction planned to keep them busy during the summer. ) } Conditions for Agriculture May reports of the United States Department of Agriculture and state boards of agriculture reflected a good outlook for farm crops in the states and parts of states which form the Tenth District, notwithstanding the backward season. The condition figures showing the percent of normal condition as of May t1 for growing crops and farm work were reported as follows: Wheat Oats Rye Hay Pastures Farm work Colorado...·-······81 87 90 70 95 Kansas .............. 83 82 88 80 73 63 ; Missouri.......... 77 84 82 75 * 86 Nebraska ........ 80 76 74 * ' New Mexico.... 100 93 Oklahoma........ 94 85 88 81 80 85 Wyoming ........ 93 93 96 93 60 .... 81.5 82 74.6 68.3 United States .. 84 *Farm work in Missouri was reported 2 to 3 weeks late, and in Nebraska spring sowing and planting was well advanced for that date. '! Corn planting was delayed by unseasonally cold weather in April. It was about completed in Oklahoma, Southern Kansas and Southern Missouri by May I and early planted corn was up to fair stands. Under favorable conditions of weather and soil during May, planting made excellent progress throughout the remainder of the corn producing areas of the district. Official estimates of the acreage planted to corn this year had not been announced, and no statement as to the condition of the crop is expected before July. Cotton planting in the southern sections of the district made good progress late in April and in May. Germination of early planted cotton was poor in some parts of Oklahoma and considerable replanting was necessary beca.use of cold wet soil, but otherwise conditions were fair to good. The seeding of spring wheat was about completed by the first of May, although the area sown in this district is usually small as compared to that of winter wheat. Planting of grain sorghums was under way. Planting of broom corn was reported as making go''.od progress in Kansas and Oklahoma, the last named state increasing the acreage. In the irrigated districts of Colorado, Wyoming, Nebraska and Kansas practically all of the acreage of sugar beets contracted had been planted early in May. Rains, sweeping through the Rocky Mountain \ r.egions, fesulted in better germination of seed than is cus( tomary and guaranteed a surplus of water to carry the crops \. , through the remainder of the season. C(?lorado growers, who produced 2,240,000 bushels of dry beans on 320,000 acres last year, were preparing to cultivate about the same acreage this year. Large acreages of cantaloupes and watermelons were reported in Colorado, Kansas, Oklahoma and Missouri. The prospect for good crops of small grains was more favorable in May than a month earlier. Rye on May 1 showed an average condition of 87.1 per cent for the seven states. This was 5.6 points higher than the United States average as of that date, and the forecast was for 5,770,000 bushels or 751,000 bushels more than last year's production. Oats and barley, after making slow progress in April, advanced rapidly in May. Hay, both tame and wild, also improved, and grass was coming fine on pastures and ranges. Irish potatoes were a little late in most sections where the big commercial crop of the district is produced. The condition May 1 in Oklahoma was reported as 80 per cent. In the Kaw Valley of Kansas potatoes advanced ,rapi9ly, ard the crop was reported as starting well • in Nebraska and Colorado. I' Fruit prospects on May I were better than _reported a m?nth earlier. Apples were not severely damaged 1n many sections, but bloom was generally light. Peaches were injur.e d in most ~ 1 5 THE MONTHLY REVIEW =================================== of the large peach-growing sections. Slight damage from frost was done to pears, plums and cherries. The strawberry crop, although late, was reported heavy and there was a considerable increase in acreage reported. Winter Wheat The condition of winter wheat in the seven states and parts of states which form the Tenth District was given at 84.7 per cent of normal on May I, a decline of 2.1 points from the condition figure reported for April 1, and 10.4 poin.ts above the condition figure as of May 1, 1925. The May average condition for Tenth District states was nearly one point higher than the average for the United States; whereas a year ago the condition in these states was 2.7 points below the average for the entire country. _Based on the May 1 condition, and allowing for normal impairment to harvest time, the forecast was for a yield in the seven states of 283,157,000 bushels on 20,633,000 acres, as compared with' 168,030,000 bushels harvested from 17,175,000 acres last year. The estimate for the district was 270,892,000 bushels against 150,185,000 bushels in 1925. The probable acreage for harvest and yield forecast as of May 1, are shown in the accompanying table with last year's figures for comparison, as compiled from reports of the United States Department of Agriculture and cooperating state boards of agriculture: Acreage for Harvest May I Final 1926 1925 Colorado .................. 1,207,000 896,000 Kansas ........................ 10,688,000 8,592,000 Missouri .................. 1,220,000 1,664,000 ebraska.................... 2,773,000 2,493,000 New Mexico.............. 212,000 52,000 Oklahoma.................... 4,500,000 3,449,000 Wyoming.................... 33,000 29,000 Seven States .............. 20,633,000 TENTH DI STRICT.•••...• 19,586,000 United States .... ...... 37,085 ,ooo 17,175,000 15,356,000 31,269,000 Yield (Bushels) Estimated Final Est. May 1, 1926 1925 19,561,000 10,752,000 14 1,937,000 74,75°,000 14,091,000 21,965,000 39,931,000 31,661,000 I 56,000 3,604,000 63,450,000 28,282,000 583,000 464,000 283,157,000 270,892,000 548,908,000 168,030,000 150,185,000 398,486,000 Reports for the seven states indicated that of 22,202,000 acres sown to winter wheat last fall, 1,569,000 or 7 per cent had been abandoned to May I. Last year the final reports showed that out of 21,593,000 acres sown 4,418,000 acres or 20 per cent was abandoned before the harvest. Percentages of acreage abandoned to May I in these states were: Colorado 14 per cent, Kansas 7 per cent, Missouri 6 per cen't, Nebraska 9 per cent, New Mexico 2 per cent, Oklahoma I per cent and Wyoming 4 per cent. The reports indicated winter wheat in all Tenth District states was in good to excellent condition at the opening of May except in some sections where dry conditions prevailed. In Kansas the decline in the wheat outlook to that date was largely confined to the northwestern and a few central counties which had been short of moisture during the past year. The major por.iion of the abandonment recorded to that date was in this section, although all of the big wheat counties registered slight losses in acreage, due to high spring winds. In the extreme east and northeast counties of Colorado and in parts of western and.. north central Nebraska the winter wheat suffered from lack of moisture and damage from high winds. Some rain fell in the dry sections of these states <luting May, but heavier rains were needed. In Missouri wheat made little growth in April but on May I showed five points better in condition than a month earlier. The average condition of wheat in the nineteen Missouri counties which are in the Tenth District was slightly higher than for the entire stat<e. Oklahoma 6 THE MoNTYLY REVIEW and New Mexico reported)he best winter wheat prospect_for years, due to heavy spring rains, while in Wyoming winter wheat suffered little damage during the winter and had a good start in the spring. Grain Marketing Market movements of wheat and corn in April were considerably smaller than in the preceeding month, but were respectively 58.1 per cent and 66.4 per cent larger than in April 1925. The month's receipts of oats were the smallest for April in five years. Receipts of other grains were small. A summary of receipt~ of grain at five markets follows: Wheat Corn (Bu.) (Bu.) Hutchinson .............. 418,500 92,500 Kansas City.............. 1,822,500 838,750 Omaha ...................... 637,000 1,153,600 St. Joseph ................ 180,600 925,5 00 Wichita ...................... 425,250 125,600 Oats (Bu.) 4,500 243,100 348,000 I 12,000 12,000 Rye (Bu.) 1,200 29,700 47,600 Barley (Bu.) Kafir (Bu.) 71,500 28,600 211,200 11,200 1,500 1,200 . 4,800 ----- April, 1926................3,483,850 3, 1 35,950 719,600 78,500 41,000 289,000 March, 1926............ 4,540,250 4,969,650 1,167,300 52,700 36,600 3 29,300 April, 1925................ 2,203,100 1,884,750 1,598,000 19,300 53,700 446,400 A group of flour mills in th_is district, reporting their output weekly, were operated at 5i2 per cent of full-time capacity in April as compared with 55.2 per cent in March and 49.7 per cent in April last year. Production for the month was 1,596,380 barrels, 129,6o7 barrels o_r 7.5 per cent less than in March apd 84,715 barrels or 5.6 per cent more than in April last year. Flour production at these reporting mills during the first four months of 1926 was 6,597,378 barrels against 7,114,175 barrels during the first four months of 1925, a decrease of 516,797 or 7.2 per cent. Production figures for April are here compared with those for March 1926 and April 1925, compiled from reports to the Northwestern Miller: Total...·-- - - - - · ···············1,596,380 March 1926 Barrels 104,815 435,043 80,202 100,570 153,298 134,146 717,913 ! Market Movements Flour Milling April 1926 Barrels Atchison............................................ 91,049 Kansas City____ _ _ _ 397,288 Omaha.............................................. 78,154 91,857 Salina........................ - - - St. Joseph........................................ 131,172 Wichita ...................... - - - - 128,475 Outside.... _ _ _ _ _ _ _ _ 678,385] pastures in Nebraska, were not ~available for this issue of the Monthly Review. May reports indicated that sheep maintained their;;_high condition of a month earlier, and on both ranges and in.Jeed lots they were doing well. Prospects for a large lamb] [crop were quite favorable. Very f~w feeder la.i:nbs for fall delivery had been contracted to May 1. Only a small per cent of the year's wool clip had been contracted, and prices mentioned were 32 to 35 cents per pound. Last year the seven states whose area or parts of areas form the Tenth District produced 51,773,000 pounds of wool. Private estimates place this year's clip at slightly above that figure. The hog situation in May was slightly more encouraging from a production standpoint than a month earlier. All of the larger producing states reported good increases in the spring pig crop. More interest in hogs was displayed than was observed in many years. Meat packers were cooperating with state departments o'f agriculture and state agricultural colleges in a campaign to increase hog production. In Oklahoma a movement to restock farms with hogs was launched by the State Board of Agriculture. April 1925 Barrels 98,123 408,265 74,398 97,835 110,174 113,372 6og,498 1,511,665 Live Stock All classes of live stock on farms and ranges in the Tenth District declined slightly in condition during April, but entered May showing a higher condition than at this time last year. The Colorado report placed the condition of cattle on May 1 at 95 per cent as compared with 98 per cent on April I and 91 per cent on May I last year. In Wyoming the condition of cattle on May 1 was 98 per cent. Cattle then were already on the ranges in many sections and the report said the remainder would be turned out by May 15. Losses had been small and while cattle in some sections were thin they were expected to improve rapidly and go into the summer without further losses. Good calf crops were reported for the Mountain States and also in eastern part of the district. The reports indicated the extensive summer pastures i~. the Flint _Hills of Kansas and the Osage Country of Oklahoma were rapidly fi1ling up with cattle shipped from the Southwest ranges. Official reports as to the number of cattle to be grazed on these pastures this season, and also the number to be grazed on the Sand Hills Receipts of live stock at the principal market centers of this district were smaller in April than in any preceding month this year, and also smaller than in April of last year. Receipts of cattle during the month were the smallest for April since 1922 and of calves the smallest for April since 1923, while the receipts of hogs were the smallest for any April of record. Receipts of sheep and lambs fell 26.6 per cent be1ow March and 7.6 per cent below April, 1925. Fewer horses and mules were marketed in April than in any month since last May and also in any April on records dating back to the beginning of 1919. The month's receipts at the six market centers, with comparisons, follow: Cattle Kansas City _ _ _ _ _ _ 123,207 Omaha............ - - - - - - n6,797 St. Joseph .......... _.................... 35,859 Denver........ - - - - - - 24,503 Oklahoma City........................ 15,892 Wichita.................. - - - 27,091 Calves 18,005 6,290 6,374 3,869 5,767 4,224 Hogs 211 ,557 232,n8 94,722 42,615 21,452 49,933 Sheep 128,619 164,024 115,310 157,733 439 2,327 568,452 652,397 April, 1926................................ 343,349 44,529 776,220 774,009 March, 1926............................ 406,255 57,7 23 679,300 6 1 5,399 April, 1925....- - - - - 393,397 60,73 1 Four months 1926.................. 1,488,238 216,108 2,9o9,563 2,408,324 Four months 1925 .............. .... 1,626,499 253,455 3,677,186 2,409,691 Horses Mules 1,226 43 2 243 4,080 n,055 4,4°5 47,003 49, 11 3 Stocker and Feeder Shipments April shipments of stock and feeding cattle to the country were fewer than in any preceding month of record for four reporting markets beginning with 1921, while countryward shipments of calves and hogs in April were the lar~est for any month since last December. There was only a fair outgo of sheep, the April total showing a decrease of 27.6 per cent from March and a decrease of 13.2 per cent from April a year ago. Shipments from the four markets were: Cattle Kansas City.................. - - - - Omaha ...... - - - - - - - St. Joseph .............· - · · - - - Denver........ _ _ _ _ __ __ April, 1916...... March, 1926 April, 1925 ............... Four months 1926 Four months 1915 35,165 Calves 4,416 Hogs 7,750 631 Sheep 9,361 5, 1 94 17,06o 6,342 5,189 11,16o 11,987 11,264 46,123 53,111 37,958 52,432 43,746 231,620 140,903 11,630 3,7°4 10 ,075 6o,574 71,221 79, 158 294,688 336,830 2,295 4,973 13,081 15,815 4 THE MONTHLY REVIEW Meat Packing 1 1 Operations at the packing plants in this district declined during April in almost the same percentages as the month's supply of meat animals at the reporting markets fell off. The April record of meat animals purchased for slaughter, when compared with that for March, showed decreases in cattle 16.1 per cent, Calves 25.8 per cent, hogs 15.4 per cent, sheep and lambs 24.2 per cent. However, the record of packers' purchases in April compared more favorably with that a year earlier, showing smaller percentages of decrease for all classes. Purchases of cattle decreased 3.1 per cent, calves 18 per cent, hogs 8.8 per cent, sheep and lambs 3.3 per cent. The record of packers' purchases follows: Cattle Calves Hogs 142,929 Sheep 101,166 15o,979 67,014 29,528 134,187 89,3 24 21,083 74,419 80,087 16,650 4,394 28,484 6,059 Denver.......... II,II6 3,185 Oklahoma CitY--········ Wichita ....... 10,340 5,447 17,968 93 ;,738 2,211 46,735 2,295 210,184 37,946 455, 1 53 348,148 Kansas City.. Omaha ......................... St. Joseph .................. April, 1926...... March, 1926.... April, 192 5.....................•. Four months 1926.... Four months 1925 .. 250,476 216,967 900,186 904,37 2 7 1 51,131 538,090 459,0 51 36o,030 498,845 46, 275 183,535 2,093,443 1,490,780 200,499 2,843,962 1,344,271 Stocks of pork and lard in store at Kansas City were 29,534,000 pounds on April 30, as compared with 31,624,400 pounds on March 31 and 57,878,900 pounds on April 30, 1925. These totals indicated a decrease of 2,090,400 pounds in one month and a decrease of 28,344,900 pounds in one year. n the number of wells completed, and a large increase over March and also over April of last year in daily new production. New wells drilling increased 6.9 per cent over March and were almost the same in number as reported a year ago. A summary of April field operations follows: Wells Bbls. Daily Completed NewProd'n Oklahoma ....... -467 105,7°7 Kansas ............ 20 I 20,330 Wyoming ........ 37 12,229 Colorado .......... 10 0 1,395 New Mexico.... 27 April, 1926...... 742 March, 1926....720 April, 1925...... 762 139,661 96,337 u7,310 Dry Wells 132 62 Gas Wells 12 4 0 0 Rigs-Wells Drilling 1,401 459 310 122 152 61 63 6o 2,444 2,286 2,446 45 5 IO 9 218 228 205 The reporfs for Oklahoma and Kansas showed the number of refineries in operation and daily runs of crude oil to stiJls as follows: Plants Operating May 1, 1926........................... ·----··················· 66 April 1, 1926............ 64 May 1, 1925....................................... 74 Daily Runs Barrels 250,745 235,205 258,815 Demand for gasoline increased in the latter part of April with improvement of weather and road conditions and was quite heavy during May, thus enabling refiners to materially reduce their stocks. Kerosene was also in good demand. Soft Coal Mining Petroleum Production of crude oil in Oklahoma, Kansas, Wyoming, Colorado and New Mexico in April averaged 652,267 barrels per day, 1,450 barrels less per day than in: March and 26,545 barreJs less per day than in April, 1925. G~oss production of 19,568,000 barrels during the month was smaller by 697,000 barrels or 3.4 per cent than in March, and smaller by 796,000 J barrels or 3.9 per cent than in April last year. Production figures ( follow: I GROSS PRODUCTION March, 1926 *April, 1926 Barrels Barrels 14,4o6,ooo Oklahoma .......... - ...................... 13,944,ooo 3,250,000 Kansas .......... - - - - - - 3,078,000 2,289,000 Wyoming........ - - - - - 2,232,000 Colorado _ _ _ _ _ _ _ 197,000 193,000 127,000 New Mexico...·-················-······ 117,000 TotaL ................ _ _ _ _ _ 19,568,000 20,265,000 DAILY AVERAGE *April, 1926 March, 1926 Barrels Barrels Oklahoma .................................... 464,800 464,716 Kansas .................... _ _ __ 102,600 104,839 Wyoming........ _ _ __ 74,400 73,839 Colorado......... _ _ _ _ __ 6,567 6,226 New Mexico .............................. 3,900 4,o97 Total.. ................ - - - - - 652,267 *Estimated, American Petroleum Institute. Operations at the bituminous coal mines continued through April at a high percentage of capacity, according to weekly reports of the United States Geological Survey. The output for the month was 5.4 per cent less than in March but 29.6 per cent greater than in April last year. The output during the first four months of 1926 wa~ 9,749,000 tons, 625,000 tons more than in the first four months of Jast year. The production figures: April, 1926 March, 1926 Tons 791,0CX) 336,000 207,000 227,000 171,0CX) 50,000 Wyoming .............. ---·················· 472,000 580,000 April ,1925 Tons 564,000 252,000 180,000 163,000 161,000 367,0CX) 20,364,000 Total. .........................................................2,187,ooo 2,312,000 1,687,0CX) April, 1925 Barrels 14,798,000 2,937,000 2,515,000 64,000 April, 1925 Barrels 493,278 97,900 83,834 2,133 1,667 678,812 • Developmen t work was hampered during April by cold • weather and storms of snow, sleet and rain, but as a result of the month's activity there wa·s a good increase over March Tons Colorado . ............... 806,000 Kansas................................... 319,000 Missouri.................................................... I 89,000 New Mexico................ 222,000 Oklahoma.................................................. I 79,000 Precious Metal Mining Metal mining operations in Colorado, which slowed up somewhat on account of adverse weather conditions and surface water during April, were under headway in May, with production at high levels. In New Mexico development work was increasing and operations were fuJly up to those of a year ago. Wyoming reports reflected movements toward a revival of metal mining in that state with operations gadually increasing and much new development work in progress. 8 THE MONTHLY REVIEW Zinc and Lead During the twenty weeks of the current year to May 15 mining companies operating in Missouri, Kansas and Okl~ homa shipped a larger tonnage of zinc and lead ores than for the like period in any year in the history of the field. The tonnage and value of these ores shipped !during the twenty-week period is here compared with that for~the like• period in 1925: Shipments ZINC ORE: Tons Twenty Weeks, 1926..............333,147 Twenty Weeks, 1925 .............. 297,091 Average Price per ton '/, 49.55 Increase or decrease.............. 36,056 LEADORE: Twenty Weeks, 1926.............. 49,640 Twenty Weeks, 1925-............. 49,574 Increase or decrease.... .......... 66 53-45 Total Value '/,16,708,698 15,520,181 '/, -3.90 $ 1,188,517 '/, 107,38 I16.30 '/, 5,43 1,795 5,843,578 $ -8.92 '/,-4n,783 The record of shipments of ores from the mines in each of the three states is here shown for four weeks ending May 1, with comparisons: ZINC ORE Tons Value Oklahoma ..................................43,622 '/,2,040,552 Kansas 16,868 788,596 Missouri ................ 238,774 5,129 4 Wks. ended May 1, 1926 ....65,619 4 Wks. ended Apr. 3, 1926...... 59,171 4 Wks. ended May 2, 1925 .... 57,377 LEADORE Tons Value '/, 6o5,887 6,339 210,696 :2,198 245 23,350 '/,3,067,922 8,782 2,844,222 10,120 '/, 839,933 1,o45,37o 2,813,J38 9,339 880,120 With zinc ore selling at $45 per ton and lead ore selling at f,92.50 per ton in the first half of May there was a niar'ked curtailme}n t of operations at the mines, and the volume of production at the Jowest point of the year. BUSI ESS CONDITIONS IN THE UNITED STATES There was a slight decline in the activity of industry and trade in April and a further reduction in the general price level. Commercial demand for bank credit continued large and the volume of security loans, a'fter a rapid decline since the turn of the year, remained at a constant level. Production Production in basic industries, according to the Federal Reserve Board's index, decreased 1 per cent in April, slight increases in production of lumber and pig iron being more than offset by declines in output in other industries. Particularly large recessions were shown in the production of steel ingots and in textile mill activity. Automobile production, not included in the index, continued in large volume. Factory employment and pay rolls declined slightly in April, particularly the food, tobacco, textile, the boot and shoe industries. The value of building contracts awarded during April was smaller than in March and practically the same as in April of last year. Awards for the first two weeks in May, however, showed increases as compared with the same weeks in 1925. Reports by the Department of Agriculture indicate that up to the first of May 68 per cent of spring plowing and 56 per cent of sowing and planting was completed, compared with about 83 per cent and 66 per cent last year. On the basis of the condition of winter wheat on May first, a yield of 549,000,000 bushels is forecast, compared with a final yield of 398,000,000 bushels in 192 5. Trade The volume of wholesale trade in April was seasonably smaller than in March for all lines except meats. Compared with a year ago, sales of groceries, meats and drugs were larger in April, while sales of dry goods, shoes and hardware were smaller. Department store sales increased less than usual and were somewhat smaller than a year ago. Sales of mail order houses were slightly smaller than in March but continued to be larger than in the i:orresponding months of 1925. There was some decrease in the stocks of merchandise held by wholesale firms during the month, and inventories of department stores showed less th an the usual seasonal increase, though-they were larger than a year ago. Weekly freight car loadings decreased in the early part of April but later increased and the volume of shipments for the month of April as a whole, and for the first two weeks in IY!ay, was larger than in the corresponding periods of any previous year. Prices Wholesale commodity prices, according to the Bureau of Labor Statistics index, declined slightly from March to April. Increases in the farm products and foods groups, which had been declining for several months, were more than offset by decreases in other groups. The greatest declines were in the prices of clothing materials. In the first three weeks of May prices of wheat, cattle, sheep, cotton goods, pig iron, bricks and rubber declined, while those of hogs, raw silk and crude petroleum increased. Bank Credit Commercial demand for bank credit at member banks in leading cities continued in large volume between the middle ) of April and the middle of May. Liquidation of security loans, . which had been rapid since the beginning of the year, did ' not continue after the middle of April and the volume of these Joans remained fairly constant at a level about $450,000,000 below the peak at the end of 1925. There was some addition to the banks' investments and the total of their loans and investmerits was about I billion dollars larger than at the same period of last year. Withdrawals of funds from New York were reflected in an increase between the middle of April and the middle of May in borrowings by member banks from the Federal Reserve Bank of New York, while borrowings at most of the other reserve banks declined. Open market holdings of the reserve banks remained fairly constant during the period and there was little change in the total volume of reserve bank credit outstanding. Movey rates late in April reached the lowest level for a year, but in May conditions in the money market became somewhat. firmer.
@FedFRASER